Tips for getting your home ready to rent out, Property rental guide, Online House Advice
Tips for Getting Your Home Ready to Rent Out
12 May 2021
Whether you have purchased a home as investment income or you are moving away temporarily or permanently and need to rent out your place, there is probably some preparation you need to do first. If you’ve never been a landlord before, it can all seem a little overwhelming, and you may be eager to hurry up and get tenants in so that you can start collecting rent. However, it is best to take the time to get everything in order first so that you are not scrambling to attend to repairs and other issues after people have moved in.
Securing the Funds You Need
The idea behind renting out property is to make some money, but you will probably need to spend some money up front to get the place ready. If it’s a home that you have had for a while, you may want to take out a home equity line of credit.
You can review a guide to help you find out more about your options, interest rates and tax. If you aren’t eligible for this, you may want to look into a personal loan. If you have money set aside, that can be the best choice, but be sure that it doesn’t mean cleaning out your only access to liquid savings.
Income and Legalities
Be sure that you fully understand both landlord and tenant rights and responsibilities in your jurisdiction, including the rules about how you can select tenants. When you are figuring out what to charge for rent, keep in mind that there are additional expenses in owning a home besides the mortgage.
You will also need to pay property tax and be able to cover any repairs. There will also be a ceiling on what you can charge based on rental rates in the area. You can use a rental property calculator to help you quickly forecast potential returns. Finally, you should think about whether you want to handle managing the property yourself or if you want to pay a property management company to do it for you. This can cut into your income, but it might mean fewer headaches for you.
Tips for Getting Your Home Repaired and Spruced Up
Finally, you need to prioritize the work that needs to be done on the home. Certain things will be non-negotiable, such as making sure that the roof, HVAC system and appliances are all in good working order. However, if you need to replace appliances, you shouldn’t choose top-of-the-line items.
Along similar lines, while the floors may need cleaning and perhaps polishing, you should not spend a lot of money on high-end flooring. Go for budget options if you need to replace it.
On the other hand, there are fairly easy and inexpensive changes you can make that will go a long way toward making the place look nicer. These include a fresh coat of interior paint and replacing any old or damaged fixtures. Think in terms of curb appeal. Some landscaping work on the front lawn or painting the front door can make your place really stand out.
Comments on this guide to Tips for getting your home ready to rent out help article are welcome.
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